The management of the National Insurance Commission (NAICOM) and Pension Commission (PenCom) have announced plans to strengthen the administration of retiree life annuity as a mode of retirement benefit.
A statement by the Head, Corporate Affairs of NAICOM, Mr Rasaaq Salami said the measure was under the Pension Reform Act 2014 (PRA 2014).
Salami said the decision was reached at a meeting by both parties on Feb. 6.
He said, “the meeting reaffirmed the existence of life annuity as a mode of payment of retirement benefits under the Pension Reform Act 2014.
“It also discussed the circular on strengthening the administration of retirement benefits under the PRS 2014, issued by PENCOM to all licensed pension operators dated Nov. 3, 2016.
“Also, the circular on review of regulations on retiree life annuity under the PRA 2014 which was issued by NAICOM to all annuity business operators dated Nov. 11, 2016.
“The joint meeting of the two commission is still ongoing and members of the public and stakeholders would be apprised of subsequent development,’’ Salami said.